If you thought the 98% was safe from tax hikes, that the leviathan we call the Federal Government would be sated with the blood and treasure of the top 2%, think again.
More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.
Ah, but that 2% cut is to keep Social Security solvent for your future, so it’s not that bad, right? Well, yes it is that bad. Remember all that talk a decade back about keeping Social Security in a lockbox? Well it was just that: talk. Social Security funds are not saved and spent only on retirees. Instead that money is added to the general fund and replaced by an IOU. So that $1,635 extra you pay this year could easily go to Hollywood movie studios or rum producers in Puerto Rico. It does not add to the solvency of the fund; it’s just extra cash for the federal government, which is not unlike an extra gram to a meth head.
Some Democrats are now noticing the damage to their paychecks.
“What happened that my Social Security withholding’s in my paycheck just went up?” a poster wrote on the liberal site DemocraticUnderground.com. “My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna’ hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?”
It’s interesting to see the assumption made by the poster between comfort and taxes, especially when he’s taking the hit and not some faceless Two Percenter. ““Obama is the biggest f***ing liar in the world. Why the f*** did I vote for him”?” Because sir, you are a sucker.
So pass this news along to your smug liberal friends who screamed about the wealthy paying “their fair share” and voted for Hope and Change in 2008 and 2012, and ask them where their going to find the extra $136.25 to send the people who own the President and his party.